Monday, July 18, 2016

Faroe Petroleum: Proposed securing, putting and production of Q1 monetary data and CPR

Friday, Jul 15, 2016

Faroe, the free oil and gas organization concentrating mainly on investigation, evaluation, advancement and creation opportunities in Norway and the UK, is satisfied to declare that it has restrictively consented to gain a bundle of premiums in delivering Norwegian oil and gas resources from DONG E&P Norge AS ("DONG"). An aggregate thought of US$70.2 million has been concurred with the seller and, subject as per the general inclination of specific conditions, it is normal that the finish of the Obtaining will happen before the end of 2016.

The Organization likewise reports its goal to lead a putting with certain institutional financial specialists and the chiefs of the Organization (the "Setting") to raise gross continues of around £60.8 million so as to store the Securing and to quicken Faroe's late Brasse revelation towards advancement endorse. The Putting is being directed through a quickened bookbuilding process which will be propelled promptly tailing this declaration.